NewsletterDormant Whale Moves Over 2 Billion Dogecoin (DOGE), Price Dump Coming?
Dogecoin witnessed a 30% rally in January amid the recovery in the crypto market. However, a market-wide selloff in the last two days has also led to a slight pullback in DOGE price. Moreover, whales have been selling meme coin DOGE due to decreased interest among traders, with Shiba Inu attracting the most attention amid the Shibarium Beta release.
Dogecoin Whale Moves Billions in DOGE to Binance
According to Whale Alert, a whale transferred 1,400,000,004 Dogecoin (DOGE) tokens worth $117.53 million to crypto exchange Binance on January 25.
Within five minutes, the whale transfers 985,000,236 DOGE tokens worth $82.66 million from Binance to its wallet.
On-chain data revealed that the whale purchased 1,400,000,000 DOGE tokens on May 23 last year. Since then, the wallet has been dormant. The whale suddenly became active after 7 months and traded DOGE tokens on the day of Tesla’s quarterly earnings.
While whales have become active after the recent sharp market recovery, a lack of interest from Dogecoin fan Elon Musk in integrating the meme coin into Twitter has caused selloffs by whales. Moreover, dormant whale transactions generally indicate an upcoming fall in prices.
Traders expected a market-wide fall in crypto prices as there was no significant pullback in Bitcoin and Ethereum prices.
Dogecoin (DOGE) price fell over 5% in the last 24 hours, with the price currently trading at $0.08457. The 24-hour low and high are $0.08245 and $0.08919, respectively. Furthermore, the trading volume has declined by 10% in the last 24 hours, indicating a decrease in interest among traders.
Also Read: Terra Classic Community Passes Proposal To Bring Back Binance Burns
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